Exelon Corporation

Exelon Corporation is a utility services holding company headquartered in Chicago, Illinois. Its core business is the transmission and distribution of electricity and natural gas. The company's mission is to power a cleaner and brighter future for its customers and communities, focusing on delivering safe, reliable, affordable, and clean energy.

Exelon operates through six fully regulated utilities: Atlantic City Electric, Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power, PECO, and Pepco. These subsidiaries collectively serve approximately 10.7 million electric and gas customers across New Jersey, Maryland, Illinois, Delaware, Pennsylvania, and the District of Columbia. The company's market segments include residential, commercial, and industrial customers. Following the 2022 spin-off of its energy generation business, Constellation Energy, Exelon repositioned itself as a pure-play transmission and distribution utility.

Calvin Butler serves as the President and CEO of Exelon, having been appointed to the role at the end of 2022. Exelon is recognized as one of the largest utility companies in the United States by customer count and revenue, maintaining a market position focused on reliability, sustainability, and grid modernization. The company has outlined significant capital investment plans for grid upgrades and decarbonization initiatives. Recent corporate activities include regular quarterly dividend declarations and an executive leadership team consolidation in late 2024.

Latest updates

FERC Extends PJM Price Collar, Providing Exelon Customers Bill Relief

Event summary

  • FERC extended the PJM capacity price collar through May 2030.
  • The extension is part of Exelon’s ‘Exelon Promise’ initiative focused on energy affordability.
  • Exelon estimates the extended collar will save PJM customers tens of billions of dollars.
  • PJM anticipates electricity demand will increase by over 30 GW by 2030.
  • Exelon has launched a $60 million Customer Relief Fund as part of its broader affordability strategy.

The big picture

The FERC extension highlights the ongoing tension between managing electricity prices and ensuring grid reliability in PJM, a region facing significant demand growth. Exelon’s advocacy for the price collar underscores the utility’s strategic focus on customer affordability, potentially at the expense of long-term investment in new generation. The initiative also signals a willingness to engage directly in policy debates to shape the regional energy landscape.

What we're watching

Supply Response
Whether the extended price cap will incentivize sufficient new supply resources to materialize within PJM, or if it will simply delay the inevitable price shocks.
Political Risk
How the political climate and future FERC appointments may impact the long-term viability of price collar mechanisms and Exelon’s ability to influence policy.
Customer Impact
How the cost savings from the price collar will be distributed among PJM customers and whether Exelon’s other affordability initiatives will be sufficient to mitigate broader energy cost pressures.
CID: 3666